Everybody’s been talking about credit repair, saying that it can help stabilize your financial future through good credit. But what is it? How does it bring about good credit? Can it be done on an account with good credit already? With all the information to be found, often conflicting, there are a lot of questions floating around. We will be discussing what credit repair is in a nutshell so keep on reading.
Credit repair, as the name suggests, is the process of correcting a person’s poor credit standing. This standing may have deteriorated due to several reasons. However, repairing someone’s credit does not mean that it will translate into a good credit score. Credit scores come from evaluations of a person’s credit history, as reported on their credit report. So, to repair bad credit, you will need to do something about the entries on your credit history.
The first that you have to do, of course, is to obtain copies of your credit reports. There are three major credit reporting bureaus, with one credit report coming from each. You will be able to have a free copy every year but if you want more, or if you want an updated report, you will have to purchase one. The reports will contain your personal information, such as your name, address, and social security number. It will also have sections that contain your credit history, including any accounts that were reported under your name, any inquiries or applications for new credit, and any tax liens, lawsuits and judgments that you may have had in the past. All of these will affect how your credit score is going to appear when calculated using an algorithm.
This is where credit repair comes in. As stated earlier, credit repair is about doing something regarding the entries on your credit history, specifically the entries that may cause your history to look bad. These include incorrectly reported accounts, inaccurate dates and times when the accounts were created and closed, and unauthorized accounts and hard inquiries. You will be able to file a dispute on these inaccurate items so they will be investigated and corrected. You need them to be corrected and investigated because they will affect your credit score, often negatively, and some of them are signs that somebody else is trying to steal your identity.
Credit repair companies will be able to all of these for you, often more efficiently than your process will ever be. They have the experience and the knowledge to do things the right way. But there are some individuals and companies that prey on the gullible and the desperate so you need to avoid them. One of the indicators is when they ask for payment upfront. Other signs include companies promising overnight and improbable results, promising to erase the negative but accurate items on your report, and offers of a new credit identity.
For Blue Water Credit – repair services did the right way, you can reach out to the trained analysts at Blue Water Credit by calling (916) 315-9190. You can also check out our website and schedule your consultation now.